ECG takeover postponed

BY: graphic.com.gh

The Board of the Millennium Development Authority (MiDA) has said it has approved an extension of time to allow the stakeholders and parties in the private participation of the Electricity of Ghana (ECG) to conclude their consultations and finalise work on some critical aspects of the Transaction towards a smooth transfer.

They are the Government, the ECG and Messrs Power Distribution Services ( PDS) .

In a statement issued on Thursday, MiDA said it would, however, announce a new date for the transfer in a few  weeks.

MiDA, in early January, announced that the handing-over of ECG to PDS , under the Private Sector Participation of the Power Compact II Agreement, would come off on Friday, February 1.

"MiDA wishes to assure Ghanaians that it will continue to adhere to, and uphold high standards of transparency throughout the process. MiDA will announce a new Transfer Date in early February, " it said in the statement.

It said, however, that at a Special Meeting, on Thursday 31st January 2019, its Board of Directors  acknowledged the significant progress made by all the Stakeholders involved in the Transaction towards meeting the  various Conditions Precedent to the transfer of the Assets and Operations of the ECG to PDS Ghana Ltd".

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